Susquehanna Growth Equity (SGE), a subsidiary of technology and trading firm Susquehanna International Group, has invested €20m ($23.2m) in Ireland-based salon management software provider Phorest, the Irish Times reported on Saturday.
Founded in 2003, Phorest has created business and customer relationship management software purpose built for beauty salons and spas. It has more than 3,000 customers across Ireland, the UK, the US and Finland.
Clients can use the platform to take and manage appointments online, organise and oversee staff and stock, and execute marketing and loyalty schemes. The funding will support Phorest’s international growth.
The round will also enable some of Phorest’s existing investors to exit, including venture capital fund Enterprise Equity, which had participated in the company’s €1.2m seed round in 2011 alongside various angel investors.
Ronan Perceval, Phorest’s founder and chief executive, told the Irish Times: “SGE’s entrepreneurcentric approach and focus on the long-term makes them the perfect fit as a partner for Phorest.
“This investment can help us scale globally while remaining focused on doing what we do best: being the champion of the independent salon owner by providing them with technologies and marketing automation that are normally only available to larger chains.”